DCB Bank (DCBB) delivered yet another strong performance. NII/PPOP grew 30/36% led by strong loan growth and NIM improvement. Despite continuous investments in infrastructure & staff (opex 29%), core C-I ratio continued to improve (down ~75bps QoQ). Net earnings ( 61%) were ahead of estimates led by a tax write back of Rs 93mn. Headline NPLs were stable due to sale to ARC, despite one corp. a/c of Rs 650mn slipping into NPA.